Is it worth it to contact a broker if you only have $500 saved to get started with?

Question

Might they just not be able to help you and ask you to come back with more to invest ? Or how might these things usually work?

Answer 1

Yes.

Answer 2

If you do not know what to invest in keep it simple and in CD's. Do your research, read and learn then venture out into the world of stocks, bonds, forex etc.........

It is a good start but I would not risk $500.00 if that is all you have saved.

Answer 3

no go to this site www.sharebuilder.com there is no maitnance fees monthly and no minimum investment

Answer 4

Here are some FAQS for new accounts (only 3, not all or the best necessarily, just the ones that came to my mind first):

TD Ameritrade:

http://www.tdameritrade.com/faq/newaccou...

OptionsXpress:

http://www.optionsxpress.com/welcome/faq...

Trade King:

https://www.tradeking.com/PublicView/ser...

Also, for broker by broker comparison check out Smart Moneys Annual Broker survey.  http://www.smartmoney.com/brokers/

Good Luck

Answer 5

There are many banks or discount brokers that will make your purchases for you for a minimal amount. Bank of America will do so.

Answer 6

No........I started with 500$ but got a scottrade account andregulate my account with out a broker but an actual broker might cost alot so it woudlnt be worth it

Answer 7

$500 is $500 and most brokers will be happy to help you invest that....

you good get some pretty good returns if you go with a start up company and try in get in on a new drug coming out with a pharmaceutical company....

I started with $300 dollars when I was 19, now I have right at 45,000 invested.....

There is never a number to small to start off with!

Good luck!

Answer 8

No it is not worth it.   You will only be able to buy a few shares of respectable stocks and fees will take your profits.  You can't buy a single bond with that little money.

  Before you contact a broker, you should have a years income in safe investments - 4% CD's for example - and you should have at least several thousand dollars to invest.

Answer 9

Its always good. start with that, and if you can make a monthly investment. Earlier you start the better. Call and set up an appointment with a broker and they will help you determine what will work the best..